Property Transactions (Tables)
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12 Months Ended |
Dec. 31, 2012
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Property Transactions [Abstract] |
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Properties sold that qualify as discontinued operations |
The following properties which were held-for-sale in 2012 or sold in 2012, 2011 and 2010 met the criteria for discontinued operations presentation ($ in thousands): | | | | | | | | | | | | Property | Property Type | | Location | | Square Feet | | Sales Price | 2012: | | | | | | | | The Avenue Forsyth | Retail | | Atlanta, GA | | 524,000 |
| | $ | 119,000 |
| The Avenue Collierville | Retail | | Memphis, TN | | 511,000 |
| | 55,000 |
| The Avenue Webb Gin | Retail | | Atlanta, GA | | 322,000 |
| | 59,600 |
| Galleria 75 | Office | | Atlanta, GA | | 111,000 |
| | 9,200 |
| Cosmopolitan Center | Office | | Atlanta, GA | | 51,000 |
| | 7,000 |
| Inhibitex | Office | | Atlanta, GA | | 51,000 |
| | Held-for-sale |
| 2011: | | | | | | | | King Mill Distribution Park — Building 3 | Industrial | | Atlanta, GA | | 796,000 |
| | 28,300 |
| Lakeside Ranch Business Park — Building 20 | Industrial | | Dallas, TX | | 749,000 |
| | 28,400 |
| Jefferson Mill Business Park — Building A | Industrial | | Atlanta, GA | | 459,000 |
| | 22,000 |
| One Georgia Center | Office | | Atlanta, GA | | 376,000 |
| | 48,600 |
| 2010: | | | | | | | | San Jose MarketCenter | Retail | | San Jose, CA | | 213,000 |
| | 85,000 |
| 8995 Westside Parkway | Office | | Atlanta, GA | | 51,000 |
| | 3,200 |
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Components of Income (Loss) from Discontinued Operations |
The following table details the components of income (loss) from discontinued operations for the years ended December 31, 2012, 2011 and 2010 (in thousands): | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | Rental property revenues | $ | 22,517 |
| | $ | 41,092 |
| | $ | 46,613 |
| Third party management and leasing revenues | 16,364 |
| | 19,359 |
| | 18,976 |
| Other income | 3,526 |
| | 179 |
| | 4,814 |
| Rental property expenses | (6,746 | ) | | (15,480 | ) | | (16,824 | ) | Third party management and leasing expenses | (13,679 | ) | | (16,584 | ) | | (17,393 | ) | Depreciation and amortization | (9,344 | ) | | (19,481 | ) | | (23,268 | ) | Impairment losses | (13,790 | ) | | (7,632 | ) | | — |
| Other | (49 | ) | | (63 | ) | | (65 | ) | Income (loss) from discontinued operations | $ | (1,201 | ) | | $ | 1,390 |
| | $ | 12,853 |
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Gain (loss) on sale of investment properties in discontinued operations |
Gains (losses) related on sales of discontinued operations are as follows for the years ended December 31, 2012, 2011 and 2010 (in thousands): | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | Third party management and leasing business | 7,459 |
| | — |
| | — |
| The Avenue Forsyth | 4,508 |
| | — |
| | (10 | ) | The Avenue Webb Gin | 3,590 |
| | — |
| | — |
| Cosmopolitan Center | 2,064 |
| | — |
| | — |
| Galleria 75 | 569 |
| | — |
| | — |
| The Avenue Collierville | 73 |
| | — |
| | — |
| King Mill Distribution Park — Building 3 | 307 |
| | 4,977 |
| | — |
| One Georgia Center | (104 | ) | | 2,805 |
| | — |
| Lakeside Ranch Business Park — Building 20 | (59 | ) | | 1,121 |
| | — |
| Jefferson Mill Business Park — Building A | — |
| | (394 | ) | | — |
| San Jose MarketCenter | — |
| | 10 |
| | 6,572 |
| 8995 Westside Parkway | — |
| | — |
| | 654 |
| Gain on sale of discontinued operations, net | $ | 18,407 |
| | $ | 8,519 |
| | $ | 7,216 |
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Fair value of the assets and liabilities acquired |
The following table summarizes the fair value of the assets and liabilities acquired (in thousands): | | | | | | | | | | 2012 | | 2011 | Land and improvements | $ | 5,987 |
| | $ | 13,439 |
| Building | 36,705 |
| | 94,190 |
| Tenant Improvements and FF&E | 9,034 |
| | 8,600 |
| Tangible assets | 51,726 |
| | 116,229 |
| Intangible Assets: | | | | Above-market leases | 3,267 |
| | 3,991 |
| In-place leases | 8,888 |
| | 16,172 |
| Total intangible assets | 12,155 |
| | 20,163 |
| Intangible Liabilities: | | | | Below-market leases | (436 | ) | | (1,659 | ) | Total net assets acquired | $ | 63,445 |
| | $ | 134,733 |
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